US-based accountancy firm Akram|Assurance, Advisory & Tax Firm, which provides fund accounting for niche clients, has navigated the challenges of the last 18 months by accelerating the implementation of multiple technological platforms.
US-based accountancy firm Akram|Assurance, Advisory & Tax Firm, which provides fund accounting for niche clients, has navigated the challenges of the last 18 months by accelerating the implementation of multiple technological platforms.
Muhammad Akram, Founder and Certified Public Accountant, says: “We used G-Meet for virtual client and team meetings when needed. Additionally, we began the process of updating our website and client portal in order to improve efficiency in receiving and disseminating documents. In the physical office setting, we have a strict Covid-19 policy in place, and as such we have been able to continue to provide our services to clients without interruption.”
Industry trends
The accountancy firm has noted a number of key trends that are impacting on their clients and their accounting practice. The first of these is blockchain.
Akram comments: “We are seeing many emerging managers, and other funds which are in their growth stage, looking to invest in cryptocurrencies as an asset class and blockchain technology entities.”
He adds: “This trend has directly affected our business in that we needed to educate and train our staff on the industry best practices about accounting policies and regulations.”
Akram also identifies the use of social media and search engine optimisation (SEO) as important, with both having an effect on the firm’s current client base and on potential new clients. These initiatives have allowed the firm to improve its brand awareness, increase sales to new clients and drive website traffic.
Akram further points to the role of artificial intelligence (AI) in his business. “Using AI has given us, and our clients who choose to use it, the ability to analyse large amounts of data in a short period of time. The use of AI on our larger clients and data sets has allowed us to increase productivity and generate more accurate data at a reduced cost, increasing our realisation,” Akram says.
Clients continue to request the typical fund audit and tax services, along with specifically tailored solutions to complex accounting and tax consulting issues. However, the firm is developing new offerings, with experienced personnel in those areas, to enhance its offerings. “For example, we have begun offering accounting and tax services for insurance-dedicated Funds,” Akram comments.
Over the next 12-18 months, the firm expects to see an explosion of outsourcing of certain functions. “The pandemic had made it difficult to properly staff and, by outsourcing, we can fill important skill gaps for highly technical projects,” he concludes. 
Muhammad Akram, Founder, Certified Public Accountant, Akram & Associates
Muhammad Akram is a Certified Public Accountant and leads the Firm’s overall practice. Akram earned a Bachelor of Accounting from SKANS School of Accountancy. He is a member of the American Institute of Certified Public Accountants (AICPA) and North Carolina Society of Certified Public Accountants. Akram worked with Ernst & Young International, Anchin Block and Anchin LLP and Rothstein Kass & Co where he worked on the audit, tax and consulting engagements for onshore and offshore alternative investment funds.
